CEWE reports strong results for 2022
CEWE Stiftung & Co. KGaA has closed the 2022 business year with a significant increase in turnover and stronger earnings than in the previous year, according to preliminary, as yet unaudited figures: Sales are up by +7.0% and 48.2 million euros to 741.0 million euros, thereby exceeding the target of 680 to 740 million euros planned for 2022 (2021: 692.8 million euros). Operating profit (EBIT) rises to 75.6 million euros, reaching a level clearly in the upper half of the target range of 65 to 80 million euros planned for 2022 (2021 EBIT: 72.2 million euros).
“The considerable growth and the strong result in 2022 are an impressive achievement of the entire CEWE team,” says Dr. Olaf Holzkämper, CFO of CEWE Stiftung & Co. KGaA. “All business units have managed the special challenges of 2022 in a first-class manner, excellently compensated for the effects of inflation, and permanently ensured the smooth operation of all supply chains along the entire value creation process. Since 2015 alone, we have increased turnover by more than a third, more than doubled EBIT and thus clearly improved margin quality.”
Strong fourth-quarter growth
The traditional seasonal peak in the fourth quarter of 2022 contributed more than 100% of the annual result: turnover increased by 7.0% to 318.7 million euros (Q4 2021: 297.8 million euros) and EBIT by 6.8% to 77.0 million euros (EBIT Q4 2021: 72.1 million euros). CEWE continues to benefit strongly from the trend towards taking photos with smartphones and photo products that can be easily ordered online or via mobile apps are driving growth. At the same time, the nationwide structure of recognized retail partners forms a solid basis for customer-oriented service.
New photo products enrich the Christmas business
In 2022, CEWE again presented many innovations around personal photo gifts in time for Christmas, such as the new XXL Advent calendar with Tony’s Chocolonely, the photo Advent calendar with poster collage, the “Nature” desk calendar made of 100% recycled paper, or the TIPA award-winning personalized slipcase for the CEWE PHOTO BOOK XL. As a result, the CEWE PHOTOBOOK 2022 has also shown a pleasing increase of 3.6% to a sales volume of 5.85 million copies (2021: 5.65 million copies). Similarly, the total number of photos across all products rose by 4.4% to 2.28 billion in the year covered by the report (2021: 2.18 billion photos). COVID-19 pandmemic normalization, with the return of primarily international vacations, events, celebrations and festivals, led to many new photos among consumers in 2022.
“Thanks to the strong performance of all employees in the CEWE Group, we have also turned the increase in travel activity of our customers into good business for CEWE,” explains Thomas Mehls, member of the Executive Board and responsible for marketing. “Our high innovation dynamics, the sustainable quality of our products and the end-customer-centric brand communication play a key role in this. We are particularly pleased that this has once again led to a significant increase in customer satisfaction in 2022 compared to previous years.”
Commercial Online-Print and Retail also with profitable growth
According to preliminary figures, both the Commercial Online-Print and the Retail business units closed the 2022 financial year with further profitable growth. The optimized production and cost structure in Commercial Online-Print and the improved store structure in Retail contributed to this.
Full-year 2022 year-on-year and target comparison (preliminary figures)
| CEWE-Group | Unit | Actual 2021 | Target 2022 | Actual 2022 |
| Photos | billion | 2.182 | 2.0 bis 2.3 | 2.278 |
| CEWE PHOTOBOOK | million | 5.65 | 5.4 bis 5.8 | 5.84 |
| Turnover | million euros | 692.8 | 680 bis 740 | 741.0 |
| EBIT | million euros | 72.2 | 65 bis 80 | 75.6 |
EBIT 2022 even includes a negative effect of -0.4 million euros from the purchase price allocation of Hertz Systemtechnik GmbH, which has now been finalized. CEWE acquired the system supplier of the CEWE Photostation in May 2022.
Fourth quarter 2022 (preliminary figures)
| CEWE-Group | Unit | Q4-2021 | Q4-2022 | % | absolute |
| Photos | billion | 0.832 | 0.884 | +6.2% | +0.052 |
| CEWE PHOTOBOOK | million | 2.33 | 2.45 | +5.2% | +0.12 |
| Turnover | million euros | 297.8 | 318.7 | +7.0% | +21.0 |
| EBIT | million euros | 72.1 | 77.0 | +6.8% | +4.9 |
Percentage differences are always calculated with the exact values.
Innovative power from CEWE bundled in Oldenburg
Around 1,000 CEWE employees from all over Europe are expected over the two days in the Weser-Ems-Hallen in Oldenburg. Employees from all CEWE locations throughout Europe and from subsidiaries such as Cheerz, Pixum, or DeinDesign presented around 150 products and software solutions at 40 stands. The CEWE employees will evaluate all suggestions and the favorites have a good chance of being part of the CEWE offer in the future. In addition to the presentation of new product proposals, lectures with promising topics are on the agenda – and there will be countless opportunities for the participants to exchange ideas and take away new ideas.
The most sustainable Innovation Days in the history of CEWE
“Innovation is part of the culture at CEWE, all employees are allowed to contribute. That’s why we’re happy to be able to welcome so many colleagues to Oldenburg again,” emphasizes Thomas Mehls, a member of the Management Board at CEWE and responsible for sustainability, among other things. “At the same time, we are making this year’s Innovation Days the most sustainable in CEWE’s history.” In order to live up to this claim, employees are called upon to travel as climate-friendly as possible, but CEWE fully compensates for any emissions that occur. On-site, the e-scooters from cooperation partner TIER are freely available to the participants of the Innovation Days, and thanks to the cooperation with the VWG, local public transport can be used free of charge.”